International Money Transfer: Best Ways To Send Money Internationally

PayPal

PayPal beats other peer-to-peer (P2P) money transfer apps like Venmo and Zelle because of its accessibility and choice of payment methods. Funds may be received instantly into a recipient’s PayPal account and can then be transferred to a bank account as soon as the next day.

Another major advantage of PayPal is that if a recipient doesn’t want to link to a bank account, they can use their PayPal balance to spend money instead because the platform is widely accepted as a method of payment.

PayPal’s international transfers come with hefty fees, so it’s better for sending money within the U.S. There’s no overall limit to how much you can send when you have a verified account, though individual transactions are limited to $60,000 (and some are limited to $10,000).

How it works: PayPal account holders can send money to friends and family through the app or online via a web browser. Account holders can send money through a variety of payment methods; recipients also must be PayPal account holders but can sign up for free.

Payment options: Bank account (no extra fee), credit and debit cards (small fee).

Fees: Sending money internationally to family and friends via a PayPal balance, linked bank account, or a credit or debit card is subject to a charge of 5% of the amount sent, with 99 cents as the minimum fee and $4.99 as the maximum.

Speed: Funds may be received as soon as instantly in the recipient’s PayPal balance and can be transferred to their bank account as soon as the next day.

Transaction limits: Verified accounts have no limit for the total money that can be sent, but are limited to up to $60,000 (or sometimes $10,000) in a single transaction.